(Mizzima) – Burmese President Thein Sein began a state visit to Singapore on Sunday, accompanied by a delegation of ministers who are expected to seek expertise in financial areas.
During the visit, which ends on Wednesday, the president will sign a memorandum of understanding on a technical co-operation program. Singapore will provide training for reforms in the legal, banking and financial sectors, according to Agence France Press.“After so many years of isolation, their capacity to handle the expected inflow of investments and set up the much-needed regulatory frameworks have to be brought up to scratch as quickly as possible,” a source told AFP.
A Southeast Asian diplomat also said Burma needs to train accountants, bankers and other people with technical skills as well as in corporate governance.
“Singapore is the logical place where it can seek help,” said the diplomat, who asked not to be named.
The pact also calls on Singapore to share its best practices in trade, tourism and urban planning.
Observers said Burmese officials are looking on ways to jump start economic programs that will immediately benefit from closer ties with the West.
“If all goes well, Burma certainly looks forward to being welcomed from the political wilderness,” Song Seng Wun, a regional economist with Malaysian bank CIMB, told AFP. “It looks like the Burmese are in a hurry to catch up in the shortest possible time.”
After the official welcome ceremony at the residence of the president of Singapore, Thein Sein will meet Singaporean Prime Minister Lee Hsien Loong. President Thein Sein will also have a breakfast meeting with Emeritus Senior Minister Goh Chok Tong.
Singapore, a regional financial centre and a favourite hub for global companies, is often seen as a model by its neighbours.
Thein Sein, a former prime minister and an ex-general who was a member of the junta, was appointed president in February last year after the November 2010 elections.
